Why do millennials need life insurance?

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Need of Life Insurance for Millennials

Life is full of precious moments and thrilling experiences – both planned and unplanned. While you are enjoying the roller coaster of adventures in life, it’s crucial to make sure that you are fully protected so can provide for yourself and your loved ones without having to cut short on your ambitions.

While today’s younger generation is considered more financially responsible, according to the statistics, only 25% of millennial have a life insurance policy. Here are the reasons why millennials need life insurance.

  1. Family Responsibilities

We are always looking for ways to earn more to provide better to your family and kids. But in case of your untimely death, your income dies too. Having life insurance with enough assured sum will secure your family’s financial future and maintain the current lifestyle even after you are gone.

  1. Loan Debt

Although many people associate life insurance with death, debts is another reason you should consider an online life insurance policy. Millennial today enter the workforce with student loans, which is sooner or later followed by car and house loan, not to mention personal loans taken for a variety of reasons such as business start-up or family trips abroad. Having life insurance in place will cover all the pending debts in case of your demise and give your family peace of mind.

  1. Lower Costs

As you may already know, what is the sum assured for life insurance depends on many factors, your age being one of those. As you are healthier while young, you are offered life insurance policy at lower costs with a minimum amount of premiums to pay. Also, starting early will help you take an insurance plan for the long-term, which is recommended if you have debts with long tenure such as home loans.

  1. Your Employer’s Life Insurance may not cut it

Most employers, nowadays, provide life insurance policy to their employees; however, the assured sum is much less than the recommended 10-12 times of your annual income. So it’s best to have an individual life insurance policy of your own to make sure you’ll be provided with the right amount of coverage.

“Life insurance doesn’t make you rich, but it protects your family from going poor.” This quote from Dave Ramsey says it all. So, it’s time to stop procrastinating and start searching for the different types of life insurance in India and buy the right one that suits your needs.

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